《大行報告》大和降首都機場(00694.HK)評級至「跑輸大市」 目標價維持6.4元
大和報告指首都機場(00694.HK)上半年業績勝預期及中美貿易戰下業務具防守性,其股價在8月至10月復甦,本年至今累積跌幅收窄至6%。不過,由於估值不吸引,降其投資評級,由「持有」降至「跑輸大市」,以現金流貼現率計,目標價維持6.4元。
報告稱,純利下滑壓力掩蓋了分派比率上升。據12月3日公告,首都機場在2020至2022年間,分派比率將增至不少於45%,保證分派7億元人民幣,相當於明年預測收益率約2%。不過,純利下行周期及未來資本開支增加,該行相信低單位數收益率不足以支持股價,特別是自8月14日低位已累升約36%。
大和表示,首都機場上半年經調整純利跌12%,惟勝預期,受惠於零售銷售收入在低基數下按年升66%,惟該行料不可持續。該行料下半年經調整純利跌幅將擴至30%。
報告稱,與內地其他一線機場不同,首都機場在冬春之間航班(今年10月27日至明年3月28日)錄4.8%按年跌幅。該行料源於乘客流失至大興機場,有關趨勢料持續至2022年完成向大興機場的轉移。
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